How eGift Cards Build Customer Loyalty
If there’s one thing you should know about building a business, it’s that customer retention is just as important (if not, more important) as customer acquisition. Studies show that it costs about 6-7 times more money to acquire a new customer than to keep a current one, that’s a cost no business would want to accrue. To put it simply, building customer loyalty will guarantee that your customers will always come back to you and more importantly, refer you when the opportunity arises.
Many businesses have taken the opportunity to incentivize their customers using savvy marketing techniques that cost a lot of money but have little to no return when it comes to customer retention. Luckily, there are alternative methods that are super effective, and are a low-cost solution. eGift Cards.
According to the Prepaid Consumer Insights, 68% of consumers preferred Gift Cards as their choice of incentive over coupons, gifts and bonus cash. Why is this the case? Because you’re essentially giving people the gift of choice, their choice to be exact, which is something that you can’t foresee or predict. They’re free to use these cards as they see fit, on what they want, when they want.
If you’ve decided to take the plunge into the wonderful world of eGift Cards, we’re here to help you get started. Here are a few tried and tested ways that you can use to help you build customer loyalty with eGift Cards.
1- Integrate Into Your Existing Loyalty Program: If you’ve already set up a customer loyalty program, integrating eGift Cards is simple. For example, offering your customers eGift Cards on their birthday is a low-cost and effective way to make sure you let them know you care.
2- Cross-Promotion with Partners: By partnering with companies that share a similar goal, it can be beneficial for both parties when you bounce eGift Cards off of one another, increasing sales for both and creating an increased sense of partnership. It’s a win-win situation.
3- A Seasonal Approach: One sure-fire way to incorporate eGift Cards into your business is to revolve them around the seasons. Holiday last-minute gift shopping is a great place to start, where you can include eGift Cards before check-out, which according to the Association for Customer Loyalty, is a proven way to increase customer engagement and build loyalty.
4- In Response to Complaints: One of the best ways to acknowledge and make the customer feel validated is to couple your apology/correction with an eGift Card. This way the customer will have gained trust in you for taking them seriously and be offered the chance to experience your product or service again after you corrected what went wrong. This is a great way to build brand advocates.
5- On Social Media Campaigns: Social media giveaways and/or contests are a great way to increase brand awareness and customer engagement. A few things to remember is to ensure that the eGift Card is worth the time and effort that the customer puts in and is within your budget.
There you have it, a few ways to execute eGift Card marketing the right way, without compromise. To put it all in perspective, businesses need to break the habit of assuming that eGift Cards are only for holiday seasons or occasions. When utilized correctly, eGift Cards can have a huge impact on your customer retention, brand awareness and ultimately, revenue.
Ready to get started with eGift Cards for your business?
Reach out to us here: https://rewards.yougotagift.com/